The outlook revision follows the same action on our outlook on the sovereign rating on the Kingdom of Morocco (foreign currency BBB-/Negative/A-3, local currency BBB/Negative/A-2) (see "Kingdom of Morocco Ratings Affirmed; Outlook Revised to Negative On Weaker Fiscal And External Positions" published on Oct. 11, 2012, on RatingsDirect on the Global Credit Portal). The ratings on BCP are constrained by the sovereign foreign currency ratings on Morocco and do not exceed those on the sovereign because we do not believe the bank would withstand a scenario where Morocco defaulted on its obligations.